Business
Mystique Energy Reports Financial Results for the Year 2007
CALGARY, May 30 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports its financial results for...
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 30 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports\nits financial results for the twelve months ended December 31, 2007.\n\n\nFinancial results for 2007 include:\n\n- Cash flow for the twelve months ended December 31, 2007 was\n ($1.66) million compared to $2.07 million for 2006.\n- Production sales for the year averaged 195 barrels of oil equivalent\n ("boepd"), compared to 318 boepd for 2006.\n- Net loss for the twelve months ended December 31, 2007 was\n $8.07 million compared to a net loss of $10.28 million for 2006.\n\nCorporate events for 2007 include the following:\n\n- Obtained creditor protection under the Companies' Creditors\n Arrangement Act ("CCAA") effective 2007-04-24.\n- Sold all petroleum assets for gross proceeds of $23.25 million.\n- Eliminated all bank debt from proceeds of asset sales.\n- Executed a letter of intent with Petro Energy Corp. whereby Mystique\n and Petro Energy Corp. would merge by means of an amalgamation or\n other business arrangement.\n- Filed a plan of arrangement ("Plan") with Alberta Court of Queen's\n Bench.\n- Obtained approval of the Plan by unsecured creditors.\n\nAdditional corporate events so far in 2008 include:\n\n- Completed the initial cash distribution to unsecured creditors.\n- Obtained approval for the extension of the Plan until 2008-09-15 to\n provide additional time for the anticipated business combination with\n Petro Energy Corp to be completed and to make a final cash\n distribution to unsecured creditors.\n\nComplete financial results will be filed on SEDAR later today.\n\n\n(x) Use of the term barrels of oil equivalent "boe" may be misleading,\nparticularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is\nbased on an energy equivalency conversion method primarily applicable at the\nburner tip and does not represent a value equivalency at the wellhead.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release. This news release\nmay contain forward-looking information. Actual future results may differ\nmaterially from those contemplated. The risks, uncertainties, and other\nfactors that could influence actual results are described in documents filed\nwith regulatory authorities.\n\n\n BALANCE SHEETS\n\n-------------...